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Fitch ups AmerisourceBergen
Fitch Ratings said it has upgraded AmerisourceBergen Corp.'s senior unsecured debt to BBB- from BB+, subordinated debt to BB+ from BB, and trust originated preferred securities to BB from BB-.
The company's secured bank credit facility remains rated BBB- as Fitch anticipates the company's credit profile will ultimately lead to this facility becoming unsecured and is therefore rated on par with the company's senior unsecured notes.
The outlook is stable.
Fitch said the upgrade reflects stable pharmaceutical distribution revenue growth, savings from merger synergies, and a well-executed integration. Fitch's upgrade also considers the company's recent loss of the Veteran's Administration contract. The VA contract represented approximately 7% of AmerisourceBergen's total revenue in fiscal year 2003.
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